Americans love their pets. In fact, 67 percent of households in this country have a pet of some sort. That is 2 out of 3 households. If you are a part of one of these households, you know one thing, pets can be expensive.
First year costs for the average puppy, for example, can easily reach 1000 dollars. That is of course if you adopt. Owning a pure-bred dog like an English Bulldog or Weimaraner can add thousands more to that bill.
To handle all these expenses, Americans are turning to credit more and more often. When there is such a demand, companies are always willing to step up to the plate and give the consumer what they want. That has led to a number of finance websites popping up to fill the need.
Look at a few of the costs of pet ownership and the interesting ways that people are finding to pay for them.
Initial Pet Purchase
The frugal pet owner will choose to adopt in order to save money here. Adoption fees will range from around 300 dollars at a local shelter to closer to 500 dollars from an animal rescue organization. For that price, you can get a dog that has been health screened and that will typically be spayed or neutered. If they have not been fixed, you will usually receive a voucher to have the required procedure done.
So, that is the frugal way to go but it usually limits you in breed selection. If you want a specific breed, you will have to go to a breeder and that will cost you significantly more. This is particularly true since the pandemic started and working from home became much more the norm. Suddenly, hundreds of thousands of people have found themselves working from home with the new ability to have a pet. This has caused an exceptionally large spike in demand.
As we all know, when demand spikes and supply stays the same, prices go up. A dog that might have cost 1500 dollars a year ago will now likely cost you twice that amount. Now, one solution to this is to simply save up longer for the pet of your dreams, but we are an instant gratification culture after all. So, to answer the call, pet financing websites have popped up.
With pet financing, future pet owners can get a loan to pay for their initial pet purchase. Some of the lenders will even loan money to the borrower directly, allowing them to purchase their pet from any breeder. They then simply make affordable installment payments. Sounds crazy to finance a pet, but thousands are doing it and have been doing so for years.
Ongoing Pet Care
People often get a pet without realizing just how expensive the ongoing care will be. Ideally, they only need routine veterinary checkups and vaccinations, but even that can cost hundreds of dollars a year.
The big problem with pet care expenses happens when something unexpected happens. This could be an intestinal obstruction, a case of hip dysplasia or even worse, cancer. Without pet insurance, these things can cost thousands of dollars and can sometimes even end up in the tens of thousands.
These potentially huge bills are exactly the reason that pet insurance is so important. For around 40 dollars a month, a pet owner can be covered for these surprise expenses. Getting pet insurance can literally be the difference between life or death for the cash strapped pet owner.
But what happens when you don't have insurance but cannot bear parting with your beloved pet. Well, you get approved at one of the many local veterinary financing websites that are now available.
With veterinary financing, pet lovers no longer have to make the difficult decision between wrecking their finances or putting their pets down. Most lenders work directly with vet clinics and that makes it an easy process for someone already facing a difficult decision.
The Bottom Line On Pet Financing
Financing is almost never an ideal solution, but it really is something that we have truly come to embrace as Americans. We finance our homes, cars, education, furniture and even cosmetic procedures. Why not finance our pet expenses?
If you are in a situation where financing is a real option, just use caution. Finance companies will often approve you even if you cannot really afford the payment. They are also likely to charge hefty fees and interest rates. So, get your offer and then make sure that you can truly afford the payment and that you have no better or cheaper options before you proceed.